South Korea’s Second Largest City Starts Partnership With Blockchain Company
Busan, the second largest city of South Korea, only behind Seoul, has decided to sign a Memorandum of Understanding (MoU) with Hyundai Pay, a blockchain company. The partnership was made so that the company will help the city to develop a blockchain platform and a crypto wallet. These blockchain initiatives will be used to promote the growth of startups in the Busan area.
According to the MoU, Hyundai Pay will move its headquarters to Busan and will also create the necessary infrastructure for the fintech hub in the area. Another goal is to revitalize the blockchain industry in order to contribute to the development of a local information and communication technology industry locally.
The spokesman from the city of Busan has affirmed that the town is planning new services as part of a larger goal to turn the city into a large hub for the blockchain technology and the fintech industry, which they believe that will be important in order to help the growth of the city.
The Korean Crypto Hub
Everybody knows about the Silicon Valley, so the idea of promoting a big tech hub is nothing new. In fact, the City of Busan is inspired by the Crypto Valley of Switzerland as a model to create its own local hub.
Last year, the city government has announced that it would spend at least $3.5 million USD to create a virtual power plant that would be backed with the blockchain technology, so it is clear that the government is betting on this technology as the future.
These are all small steps, though, as creating a blockchain hub is a very difficult mission that needs the cooperation of the local government and several companies at the same time.